Adrian found a nice house today that is selling for $150,000. Assuming an inflation rate of 5 percent in the local real estate market, how much will this house sell for in five years?
Adrian, a single man who wants to buy a house in five years, read an article that recommended a down payment of 20 percent. With a large income and little debt, Adrian can afford to save a substantial amount of money every month. He is asking you for advice to help him reach his goal.
A) $187,500
B) $191,442
C) $204,650
D) $157,500
Answer: B
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